Energy & Sustainability M&A Activity – August 2024

Recent M&A Activity:

June 26, 2024: Infintium Fuel Cells, a manufacturer of a variety of hydrogen power cells with a maximum power of 35kWh, which act as an alternative to electric batteries, enabling businesses in the material handling industry to increase productivity, lower costs and deliver true-zero emissions, acquired Goldenstone Acquisition for $18 million through a reverse merger. The acquisition will allow Infintium to secure new manufacturing facilities and expand its sales and marketing operations as it continues its mission to provide carbon-free power sources for material-handling vehicles. Read more here.  

July 10, 2024: Sunrise Wind, a producer of renewable wind energy intended to bring carbon-free economic development, was acquired by Ørsted for $230 million. As part of the agreement, Ørsted will acquire Eversource’s 50% share of Sunrise Wind, a 924 MW offshore wind farm delivering power to New York. Sunrise Wind will be Ørsted’s third offshore wind farm off the northeast coast, demonstrating their increased interest in providing sustainable energy solutions to the northeast. Read more here.

July 12, 2024: ConnectM Technology Solutions Inc, a clean energy technology company advancing the electrification economy by integrating electrified energy assets with its AI-driven technology solutions platform, acquired the company Monterey Capital Acquisition through a reverse merger. ConnectM Technology Solutions Inc. sees this acquisition as a critical step towards its goal of becoming a publicly traded company. Read more here.

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